CDFA & U.S. EDA Announce RLF Partnership Program
The Council of Development Finance Agencies (CDFA) is proud to announce an official partnership with the U.S. Economic Development Administration (EDA). This partnership will help to build upon the decades long success of the EDA Revolving Loan Fund Program and will bring technical assistance, best practices and collaboration to the entire RLF network nationwide.
Athens County, OH Loan Fund Makes First Loan to Craft Brewery
The lender, the Athens County Small Business Micro Revolving Loan Fund, is administered by the Athens County Economic Development Council, which itself secured funding from a U.S. Department of Agriculture's Rural Business Development Program. The ACEDC's loan fund is intended to help businesses, specifically new and expanding ones in Athens County.
Ontario, OR Will Allow RLF to be Used for Housing
The vote to revise the housing incentive program was unanimous. The program allows individuals seeking to build a single-family home in Ontario the ability to tap into the city's Revolving Loan Fund. The fund is for the purpose of providing financing for the purchase of land, buildings, fixed equipment and machinery, research and development, and working capital to eligible small businesses in Ontario.
$390K Loan Supports Botanica Inc in Louisville, KY
Botanica, Inc., a nonprofit in Louisville, will receive a $390,000 partially forgivable loan from the Kentucky Brownfield Redevelopment Program's Cleaner Commonwealth Fund. Botanica Inc. will utilize the funds to help transform a former city dump into a state-of-the-art botanical garden. This is the first loan made from the Cleaner Commonwealth Fund since it was established in 2013.
RLF Proposed as a Financing Solution for Seattle, WA Seismic Retrofit
Publicly owned buildings would be able to seek financial support through federal grants, general obligation bonds, a 10 percent federal rehabilitation tax credit, local improvement districts and other grant resources. Potential sources for private property owners identified by the committee include a revolving loan fund, tax abatement, transfer of development rights and creating local improvement districts.
Atlanta Loan Fund Pilot Supports Social Entrepreneurs
Atlanta Emerging Markets Inc. officially closed on the first round of its new Civic Impact Loans program that will go to three Atlanta social entrepreneurs. The flexible, zero-percent interest rate loans will support honorCode, Marddy's, and Gilliam's Community Garden as they seek to expand their businesses and make a greater impact in the communities they serve.
RLF Dissolved to Create Development Fund in Montgomery, IL
In September, trustees voted to dissolve the "Revolving Loan Fund" which had been in place running from state grant dollars since the 1980's. Part of the fund is for forgivable loans and grants from state dollars, while the other part of the program provides loans to businesses.
Racine County, WI Preparing for Foxconn Impact by Creating $750K RLF
Racine County could soon offer loans to area businesses that feel pressured to invest in upgrades and employees in response to Foxconn Technology Group coming to the county. It would be available for "businesses that may be impacted, either positively or negatively, by the establishment of the Foxconn manufacturing facility in Racine County."
REDC Secures $500K to Boost RLF Efforts
The lion's share of the money — $350,000 — came directly from The United States Department of Agriculture (USDA) Rural Development and will benefit the REDC's Revolving Loan Fund, REDC officials said. The money will then be lent to local businesses at a percentage above prime, not to go below 5 percent.
Downtown Anderson, IN Brewery Secures $100K in Loans
The Anderson Revolving Loan Fund board approved the request to open Creatures of Habit brewery and a restaurant in downtown Anderson. A $50,000 loan was approved from Small Business Administration funds and an additional $50,000 through the micro-loan program of the Anderson Flagship Enterprise Center.